It's your bike and you are free to do whatever you want to it, but pipe wrap is a complete waste of time from a performance perspective and rusts the pipes as it retains moisture. Unless you have a really tight fitting fairing and are using it as insulation of course. Somehow people started using it a few years ago and people think it's a performance mod or that at least it looks like one. To the rest of us it's a waste of time and money.

You're supposed to coat pipe wrap, so it shouldn't rust pipes if installed properly. But no one ever uses it for what it's supposed to be used for, therefore it's no surprise it's rarely installed properly either.